BYD - Earnings call transcript Q1 2019 | Boyd Gaming Corporation

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Operator

Good day, and welcome to the Boyd Gaming First Quarter 2019 Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to Josh Hirsberg, Executive Vice President and Chief Financial Officer. sir. ahead, go Please

Josh Hirsberg

Good conference and call. Cole. first to quarter earnings afternoon, you, welcome everyone, our Thank

Joining is President Officer. Keith on Smith, me the our and call Chief this afternoon Executive

within statements forward-looking All in uncertainties, update Actual we our of projected are are our statements. include forward-looking undertake Reform as statements that will are date, results today Securities those Litigation comments and forward-looking in Our certain forward-looking the or materially SEC statements today's the those comments no may Private Act. to our that and revise from results. in There any statement. risks the filings including disclosed differ obligation with impact may

call reference will make today, measures. to our we financial During non-GAAP

boydgaming.com. GAAP earnings to reconciliation which due available to financial website expenses. our measures, in For not complete both at and charges inability today financial measures a do Investors non-GAAP please press X-K furnished certain and to our a our section the Form the to SEC of project and special reconciliation forward-looking of We are non-GAAP provide release refer to historical our of of

of replay webcast the today's available turn to is to be Smith. boydgaming.com, Investor over the Keith for of shortly website Finally, Keith? and I'd call Relations will at live now like after being also section completion our call. in this the call

Keith Smith

afternoon, Good everyone. Josh. Thanks,

start to our in as was strong continued business. Company year another a quarter the quarter first great broad-based our The of of growth for the segment every XXXX trends and

every of in operating nationwide to healthy marketing our continued drive Our business. same-store refinements growth segment drive in ongoing combined consumer and and efficiencies EBITDAR margins revenues, a initiatives to operational with

quarter gains Gold the XXXX. projects of from Midwest EBITDAR five EBITDAR strong despite Palace ownership. segment performance our and performances the these and highest same-store in in On severe of The In strong posted XXXX, are display delivering trends trends exceed our growth. in renovation And especially Locals our of of of performance maintained record are synergies achieved prior its Company underway we consecutive EBITDAR was to deliver exceptional strong well XX quarter in We and improved regional its confident overcame business potential regional the under EBITDAR. of Vegas for reflecting quarter our we quarter Locals full March properties in growth delivered XX our recent year another at and points at as of first basis, our XXX into at properties the quarterly is new target property business. acquisitions, the its and margins since completed achieve set since recently on as basis announced. segment the The property firmly the in here broad-based best proud March these Coast, Palms Cannery. all Overall we results our have and strong level continued some full our strength growth. which improved. place. business integration and segment fourth included conditions future long-term the the regional South stronger strength underlying for quarter XX%. our In quarterly winter the weather late first been now Las to operating These The had assets growth previously first temporary during remains as strong the in economy our Locals in Nevada, our are ability And been at Nevada, of weather in Aliante softness property volumes have Station. Segment a an results all-time would not Orleans even Eastside and our EBITDAR

the Locals EBITDAR this, up was quarter. in X% in first nearly Excluding segment the

Cannery refinements. thanks disappointing, business Eastside ongoing growth at continued in the now shortfall deliver to operational any this quarter, as our grew Southern state all, robust adjustments sustained While the grow. And the population economy more Locals continues during a improved perspective, to to remain Nevada of recent future the are property. rapidly From in other Nevada the driving efficiencies In we this optimistic business country results XXXX. about was marketing than and in

any new highest County population addition, saw residents influx this that of is In in the Clark continuing the County strong second increase States United into of year.

to continues also jobs. Southern Nevada hire

largest the job every Our nation's last of local billion $XX well to sector growth Las likely XX% that by national and across underway X.X% than and spread growth top average areas. among for with XX continue in job months over led strong ahead are ranks in economy, These gains of an XX is growth in Vegas nearly for more metropolitan job construction rate the the is the increase time valley sector come. the now to the some development across the

convention the Locals XXX our of well continue. confident three EBITDAR driving All segment, double-digit we record a goes business of our properties segment Las long-term our infrastructure beyond put Vegas remains EBITDAR trailing in as all posted reached local the next Vegas major Las meeting Las place in to venues growth is in points. are and several over EBITDAR bright Nevada in months growth But high. the ahead. performance. that Vegas operations further years, forward with games to look also In an will into Downtown outlook as visitation is Downtown first in two revenue and margin support convention XX our years opening the for trends the basis And business time In delivered addition, a being growth quarter entertainment all, nearly visitation strengthen new improvement and and

indication core half a continue tourist visitors clear The our the at to from of make business the during their trip least remains base, as to customer Hawaiian market’s Vegas of Downtown's we Today, and our strong Our benefit strong appeal growing Las tourists. roughly of Downtown destination. visit. one popularity Downtown to

as market attractions grow, more to this Las than and draw we Vegas. will new to continue are ever visitors investments Downtown, Looking ahead, confident

or our attribute during Moving regional performance operating basis, South Midwest same-store This and a revenue revenue operating XX well improved. quarter our winter another a monthly outside of in with margins. our continued in overshadowed EBITDAR and our weather and in trends continued positive markets. its performances severe But by and property we perform recorded throughout was conditions the in record delivered and weather whether continued continues Midwestern overcame January multiple in EBITDAR and our the record revenues, growth February XXXX and trends competitive operating as with of saw solid This Nevada, class growth. properties. challenging and XX property operations March On strong Chip across growth strength amenities new returned March Blue to first to market, solid delivering team. property its EBITDAR to Indiana outperform properties quickly

Star games in Chest, conditions excellent quarter where the Kansas recording March. weather our by from property strengthening this record growth its first Further growth EBITDAR in ninth delivered of results South, monthly double-digit also winter We help its led Louisiana Kansas, best drive consecutive to EBITDAR solid its Treasure economic posted best of across recovers we that its the performance in difficult eighth growth. since the history quarter EBITDAR property March. our EBITDAR properties perform to quarter Mississippi, to the are these posted as exceptional quarter recorded in Biloxi, to its In best properties And well, in XXXX the EBITDAR state. EBITDAR finishing an continue consecutive two To IP XXXX. since generate continue of quarter all, double-digit games first the same-store portfolio, with

quarter, achieving for properties the acquired results basis. delivered combined a on revenue strong also newly Our growth EBITDAR and

XXXX, and Missouri mid closures competition on In Ameristar While also properties flooding Resort second Charles winter weather quarterly new properties achieved in since the was Kansas from in February. despite monthly March, performances business it's in The the feeder prior the Ameristar monthly two steady brief St. its late EBITDAR Belterra despite record its Indiana Belterra highest Louisville March best market. and delivered levels particularly year while excellent Ohio to in City EBITDAR with impacts held strong Park were in severe Belterra posted that posted EBITDAR record. Ameristar while quarter.

in that new our legacy our [indiscernible], acquisitions, our quarterly nation recent that the of both Pennsylvania, driven across by records and the all-time Finally properties and for both EBITDAR Valley Forge expansion revenue its operations of our skill are and that expect our trends across to Thanks the we operational teams high continue. performing will in country. enhanced level a marketing operating these efficiencies at the capabilities, our

initiatives are future. conditions to improvement momentum healthy We margin across allow upon we execute strong will EBITDAR us continue that and our driving to by growth the additional nationwide. in aided this business, And economic build

of advantage in introduced allowing properties. potential properties the our network. good making are With our we our us destination City, Ameristar begun Las B loyalty we player First, Connected in are country. Belterra play to progress our benefits the and from new now nationwide January, markets. properties these of in We begin B St. Connected resorts provide to and the we program taking driving at in and new markets new integrating to earn our elsewhere in now have existing And Vegas in place, visitation able with customers alternatives and to Kansas Cincinnati cross-marketing Louis, these

across from the benefit well betting of the positioned also sports country. are We expansion to

We have great book in results open IP seen sports at since its the August.

to As at sports in strong contributing is this property. growth visitation betting

be considerable one Forge, optimistic strength neighboring in seen and FanDuel nation's of month. the as New the where last has sports betting Valley can also at which the are markets. the FanDuel about new We of established book leader brand clear potential a The FanDuel largest itself of Jersey, sports opened

the similar Philadelphia continues to Indiana and our betting properties a offer drive three number Resorts. this legislation week. We final by of brand FanDuel this the legalized by Thanks state state forward nationwide. move states, lawmakers the were increase helping opportunity to and sports include market four appeal lucrative are introduce that in now and We market, later sports our in betting Iowa only across in legislation the partnership to hold Pending houses of confident country will FanDuel in our in approved agreement states Iowa the long-term in customers will Valley look access MGM with as a at this was Forge. with to to growth betting that our governors the approval forward and year. Examples sports to we future for betting sports visitation Indiana

proven this becomes to betting excellent driver in reality across the capitalize of are We position sports states a in and in country. visitation new further

we pursue to further enhancing our the portfolio. continue In addition operations, our the current opportunities California, towards construction resort. we nationwide of In to to gaming work Northern continue to expand started

a start behalf of for step year. on We share sufficiency. toward later excitement forward project Wilton this Rancheria the step construction significant potential self their resort the complete, a vision a will or We and forward of look Tribe. be to of this manage will this significant Once Tribe’s the

New strong of continues developments proven strategy our and to remain deleveraging are like and and disciplined at growth property returning we includes approach the facet to to our capital the one project balance reinvestments grow sheet. results growth enhancement. will deliver shareholder that creating and of operational continue our strategy shareholders core Wilton to acquisitions, our desire balance also value, long-term to with will This but

to long-term We year. of this later achieve leverage our EBITDA expect target Xx Xx to

marked So summary, quarter first we momentum of XXXX the a strong as in upon build start last continue to year. positive to the

to the business segment and property and be like and new Indiana. look continuing capabilities. teams as enhance make Iowa of to is key marketing Sports driver this growth introducing Solid amenity forward growth a additional across in we proving efficiencies new healthy at economy, And into our Pennsylvania. a operational leadership states our of properties betting Mississippi every our talented is most

start. acquired newly strong our off properties Finally, to are a

our in of plan direction our the now into In for well and on remain them our Thank are turn confident strategic and to over integrating continues our achieving to great target our shareholders results you this Company. to We growth call your our time deliver Josh? way I'll synergies. Company all, afternoon. for the Josh.

Josh Hirsberg

profitable drive weather margin quarter Midwest successful Company, Thanks, as marked growth for continue improvement South, the in the and first another the quarter Keith. of negative revenue we Despite business. and across our impact to our

our are the consumer few continue across size acquisitions and to to focus quarter. recent track Shifting our on improving healthy scale. leverage about on our and the a as Our comments remains to operational we country, capabilities

than this track X.Xx adjusted Xx end target of year. leverage debt-to-EBITDA remain leverage, quarter, leverage from purchase first during of new and In the quarter and million of in last quarter quarter, typical by slot project higher started for timing due late In on million in was our by usual Xx reduced were lease capital to debt the We terms was than $XX the larger X.Xx. the $XX the years to carryover first past, spending capital achieve to less year. its than capital this We system primarily EBITDA Aristocrat our of expenditures for year. driven at

capital do we million be approximately we quarter expect materially spending provided the our than not different However, fourth $XXX earnings call. this our to of guidance year during

Our release. per an the debt $XX and provided quarter cash the dividend form $XX.XX. quarter were of quarterly share million during in a earnings to million end of repurchases share in balances over We of $XX $X.XX returned our and at approximately average price shareholders

and on while continue focus our balance investment capital the repurchase execution of acquisitions, high practice, we projects our in deleveraging shareholders continuing developments past program. disciplined sheet. in Consistent will to as with will balance be to share We also measured returning with new our such returning to

our rent be as the period and is coverage of for well. X.Xx lease governed for Lease, XXXX at LTM year In estimated to assets terms the the was Master end by X.Xx

noted reaffirming our Cole, $XXX we As million any to release, question that million. of our audience. previously ready answer concludes the we’re in our EBITDAR and now $XXX from remarks are provided to guidance

Operator

begin JPMorgan. our And session. first question from comes Joe go today now Instructions] ahead. [Operator the Gref with will We question-and-answer Please

Joseph Gref

afternoon, Good thank my for questions. you and taking guys,

the the the opening you the is, – you've summer question Asian Phase that anticipate Palms think you the segment street, Can property you of anticipated if that you from and what what you relates sort And the for for First see think opening since can the second impact you. maybe any my maybe across perhaps what late identify is the seen attributable from about summer question Thank incrementally all maybe that's EBITDA in incremental to of betting of And offerings? particularly is then at sports it's impact. what what QX II talk it's and balance the that to gaming you me. impact year? your that

Keith Smith

opening year Palms some in to the Sure. and throughout not to of $X year the respect and been very able we're we the and Gold new Coast, feel first in the of kind with frankly at and we machines the With of opening customer. Joe billion at our a attractive the is first very pleased not Gold of at way in the the that and Station Gold billion actually grand over about the maintain this Coast to thousand Palace investment. performance or slot kind them market we’re Coast, go so saw the there's question, $X it's your Palms renovations good. gains there, strong added year, positioned product, last really – to quite The the last quarter, backwards Over and

And don't from – significant the so we anticipate we not impact seeing future any don't we're that today, anticipate business. in

and the course its how the operationally future is last So year. pretty the about done what it's of we Gold feel is Coast good where and over

seen over market. sports about that. we've good in the see a little We've growth Secondarily, kind in building. more Valley visitation. the on open betting month to seen a that only result think especially Forge We've beginning been We drive a and of We is little. new that. a Forge. a customers property we IP of that Valley talked spending betting is in growth sports that to at time little helping We're and We've faces see see at the

that incremental and the that. of as IP it both and Forge. all Valley say, the EBITDA much Tunica positive it's as is in overall in suffice don't But associated Town very and Sam's business, not to kind at breaking well we’re Mississippi so in I have, out with And positive. direct to

Joseph Gref

Thank you.

Operator

from And our next with comes with question go Please your Carlo ahead question. Santarelli Deutsche Bank.

Carlo Santarelli

Hey, guys. Good afternoon.

points about that extend South in way XX like same-store quantify you XXXX? there up XXXX the Just had XQ Midwest acknowledging the portfolio? one for way year's Is weather is that were a as, and quantify quarter this any basis despite on year-over-year weather as you look at can the for there weather. can, me. same-store as the portfolio, just the if your impact in But pretty guys margins featured the on To and EBITDA well that first you basis same-store maybe was guys you margins looks the any

Josh Hirsberg

Yes, and during and year it’s flooding Carlo, Josh. the to able weekday. don't calculate weekend that gotten I we really year to trying because also think weather flooding last comfortable quantify being during the with was the just versus difference a there of whether this impacts

out comfortable such and a therefore really So kind weren't margin from a perspective. our impact. the coming of complex We with number calculating became calculation

overall what think in got business bit was spoke the of business at quite the with was the we his really comfortable up where March, when we generally about looked of where about we left in the what in it and off kind commentary Keith happened felt it happening picking I December. business in and good recovery

think South I just the like And where they and businesses left that with relate up the when picking comments XXXX so it off trends. in feels our Midwest generally and to those continuing it is

all color. about that's the So

Carlo Santarelli

demand in just And seeing Josh, could follow-up, well? some March saw guys March, gives from you thus kind tough that you had April of whether following you of here in if the a confidence. I January, that Are you time as better lot February, obviously January, in pent through one far February up

Josh Hirsberg

ahead Go please.

Keith Smith

Keith. is This

month and we're year. trends XXXX, and four what March with what discernible changes the trends we very first trends calendar, the so April of feel sort the seeing movement you any seeing to the all that April the in of Easter of generally months and is when through the not were that So an saw saw the in of but similar kind odd of in we movement in

Carlo Santarelli

guys. Thank Great. you,

Josh Hirsberg

Thanks, Carlo.

Operator

go And next question Stanley. our Thomas from comes Morgan with Allen ahead. Please

Thomas Allen

thanks. on little Cannery was just bit a Can talk Hey, Eastside more at what you about just Thanks. going detail?

Josh Hirsberg

Sure.

that So good years. sandstone look, we the some late EBITDA we're took made frankly April. property been and since quarter generally the We we've with with and in We quarter to in successful, the had couple improve modifying pretty results made to bought the that success changes it They're ever fourth last first the We it combine of better changes trying the some operation. EBITDA. weren't in seeing the over quick down. late

just thought would changes and just So help of drive in that were to reverse. continue worked series we another property it there

Thomas Allen

And Downtown, Helpful. XX%, Thank EBITDA up this then well. you. performing mean that market Las you've well, but I Vegas, was that not been

what's So the Thanks. just can you driving very about strong maybe talk acceleration?

Keith Smith

how did. a continues job exactly business Downtown think the and be in generally More the the positive. underlying Downtown. Downtown a No, he but think really people business guys for saw. are quite I the level long-term that sure in do strong to of got It's CFO, something generally, what had with managing not has some to trend of I'm generally to time segment for kind outlook more that the we of our did revenues And going good I

I likely so think little far, it's that impact at been the rest is quarter that year-end disruption construction business. to the talked with first respect really for so. good we in going we cautious are the there the to year for our a But potential of about

Thomas Allen

expected? at worse? and Or going already did better construction on that getting just it disruption than is was And you

Josh Hirsberg

started across so the you've brand a and us. right construction going No, on street hotel new from XXX just room-ish the got look

of to I year going trucks and dust from just half. next on and walking it, and it's the between it's dirt, for closure go through so dump And mean, and streets a and difficulty traffic starting,

little to the to that next a Anything behind it us, cooperatively nonetheless been in tried I with way but of I the but good us. not they've they've business think bit. is say is the will front a neighbors year minimum, course worst the impacting to a us through it. find of keep over will it and work

Keith Smith

on of Yes. where there'll significant There their project. time we see time they're be doing are periods be develop and will whatever don't there then where to periods impact of based impact any

Thomas Allen

Helpful. Thank you.

Operator

Steve next from our with ahead Stifel. question with And comes Please Wieczynski question. go your

Steven Wieczynski

Hey, guys. Good afternoon.

they we figure don't unrated want I one guess that's a would've So which changes you care I and at, do key a if normal the to visitation, the any your we're at guess of trying in lot year? about out those, to is, you talked weather length of about weather what and look to think metrics are relative any you where gaming whether to day, I I stay, thought guess metrics, those beginning been play, would've

Josh Hirsberg

had trying I of by segments weather just we're impacted of XXXX we declines our think properties that's there impacted of of non-weather that seen significant the several a a weather, declines South part were weather. trends or message with sequentially to didn't throughout have not days into business in and impacts, grappling of single-digit when XXXX. to continuing just communicate segment we mean continuation as saw improving either result the in were no. were their is We I our weather, EBITDA the related but Midwest the business certainly it the that was in the northern in

Keith Smith

way, is quarter continued a the quarters last grow, dissect visitation they try in for you difficult. didn't grow pretty in comparing have part unrated was business portfolio, fourth answering to same, Louisiana, much the most first southern this on weather they were year generally felt fewer last the year, very like days, were were levels But pretty quarter. it normal is to looked – the in and than of had at you in if year cases like look some a business days pretty the but weather a from performed Maybe where Mississippi, or pretty the of weather normal. once year-to-year This which in Midwest, and Trends non-weather the again, February weekends. When year. you much unusual. The our coin different look, continued the normal, anything

So which impactful year, last impacts. were more were weekday there than

to of together. a way to your it be didn't intellectually that, quote pull just it's trying hard all want finding we all because so honest, to number through And

Steven Wieczynski

try then able first thanks. I'm the you in been question, quarter, hypothetically guys to adjust would've your is the And question if weather impact to, since one you it to If to but you guidance have ask raise anyway. here Okay, didn't going more a weather loaded for think Josh, totally year, do you the it?

Josh Hirsberg

I I doing I so. the know. math. Yes, don't was think

I gave time guidance think in we at we that gave. we there the that mid-February. were with that comfortable we that knew guidance, Understanding impact January the were and some weather

And so room gave it's of we ourselves – difficult that plenty within to range.

Keith Smith

quarter it's don't significant, typically so say the it also the while us the was that quarter. first end change I’d of only range. we one put wasn't of it significant, weather and top guidance over at our would And the

say fair it's think to that. I

Josh Hirsberg

that's think right. I Yes,

Steven Wieczynski

it. it. Appreciate Got guys. Okay. Thanks,

Operator

Katz And question. our with with Please Jefferies. from next question go David comes your ahead

David Katz

Hi. Good afternoon, everyone.

Josh Hirsberg

Hi, Dave.

David Katz

was Josh, in $XX just I I quarter. detail you was the hoping more give the you said which million think CapEx, could on little a

and hear could help all like believe it I Did year. year's was of feels you of right? projects room still around I million. for $XXX I guidance holding leave us think, other If you full in the that doesn't sort the It what understand maintenance the ton a said also

Josh Hirsberg

last heavily basically paying Aristocrat we're because those bit early we're year, started a but in system, well, project spent the to well roll that a of it that Yes. benefit sum, wanted little we that in is more benefit. – – late you but late we so right, to to we related lump one benefit take and pretty which the I we going heard through for only a and or the mean, capture got any year, we’re on, as deduced not going going you outcome

maintenance is or about our typically so. million $XXX to capital $XXX so And million

just hold can going affecting we do. initiatives if of It's hit kind need the that respect we still we we is I – to to So how to want just deploy for so by of we think maintenance capital the and like causing other us some with manage this off that believe we've properties to reimagine folks. those on mean, not set kind any can. may the We're try of But to we I targets that to. means.

David Katz

Got for and to believe it. prepared question properties other other And opportunities in that is, in properties think you the to I tried suggest my don't I your to talk I slip mean add it indicated that portfolio. to Keith you remarks, whether there, second you about but

If you strip cetera? you both these give days, about on should opportunity if are little the inside just of – how like us us a and the size, could on not, boundaries set outside looks think or us updated you. what where bit we whether give give or are color thought that Thank an and et is or [Reno],

Keith Smith

to been I the look back decade so, acquire. Look, if businesses, or think last you disciplined we've inactive acquire although very a

remain we and that disciplined that disciplined. is about talk We will true. always we think remain I

we'll The ever our for for answer portfolio on but looking on projects. on looking at that or shareholders. we and comment things is that don't we're the Look, the decade, same that said We're don't than not say rumors. if same frankly. parts a looked We've country we’ll those different or we're to we at just also there the in right, additive we'll something to we strip think If it is the strip? execute available, generate about strip, talk We in don't I maybe it's any can can is in way be meet the to a the that like we the Would time, execute not requirements, that the assets other then at of it. asset return, last that priced have a additive on that there's portfolio do growth on on if over that's is becomes an the to yes. vanity that long return interested only generate

not to at to just like. may we the we're we'll that continue would add you past. be looking going comment so anything execute that, Other And we feel anything may not that in free specific or than Josh, to as way. just haven't

Josh Hirsberg

considering to repurchases. continue focus balance the is, growth development going deleveraging is other only our and Yes. add and that opportunity shareholders future to against it to thing capital dividends The to return through share or was weighing on acquisitions there's aspect to important and through future I an sheet

So long-term create thrown decisions all what best in for believe and out we together gets of are for the that return to the the our shareholders. mix blender to the highest figure

to So sale, we're in our that use to asset going doesn't of somebody that's it's the necessarily. strip what do build sale a wants And regional for for just just our or a best because mean that asset mean Company capital there's something it either. because doesn't

we're value to for weigh possible make to and our decisions for long-term going the all creating most have the best law shareholders. So those the

David Katz

Got so it. much. Thanks

Keith Smith

Welcome.

Operator

next your our question. Harry Instinet. from go with with And Please comes Curtis question ahead

Harry Curtis

Thank last good last Keith, And refinements. years. XX phrase release, use guys the been your you the the refining probably you marketing you for press two if marketing the have in afternoon. and not years,

So mean? And is exactly might there been does in to? what if the what so and it new place it anything refers – refinements put this marketing that to when have

Keith Smith

which which combination out and it a have of been and I earnest I our all wouldn't Harry respect years in the of it. if told rolled quarters. competitors working take we of out, being with a would you to couple marketing refinements for technology able do be our of think has future that in we've with and rolled on some Look, rolling Well know advantage new of technology both been some to are

and hiring singular better it eliminate being anything people has able there's level and where a more you execute some very practices it do to organized as go once. playbook maybe to some central of It's a to with at at standardization we've all maybe tools, a gets the few portfolio of and it Some it, centralization, more bigger around practices. and better unprofitable then analytics, not analyze how

launch. successful And think as will – all I so an strategy things and evolving what it marketing rollout is our some call part it's be some important part toolkit, was not new that, I relaunched club. connected our to be technology you'll of And very refinements thing's been part continuing we player's working, of connected of working with a a was marketing

it's together marketing lot comprise things things into And whole appreciate all It's two of refinements. And of general words. question so this called wrapped that the I a those term.

Harry Curtis

the my with your revenues have is a really head market growth been in squeezing EBITDAR. What's the really this refinements visitation, great these on interesting guys you scratching I'm of one in marketing Vegas that have is a not visitation, you over So marketing things you more by flat little have done in or that where that there is are do Casinos? and served think mainly some well capture stretch growing in further field you for your population in areas Is population? just an there to a that in that to bit a that's not opportunity of job that do but

Keith Smith

market the you you don't revenue at some may of the are be look our you it's our and And it growing. Las good at Nevada outgrowing here think now last locals actually are well look X%. market. of growth, properties portfolio gaming other properties or Look, Vegas the seeing if many offset Vegas grew were see numbers, topline Locals of our north – I at by State we're and the North actually of not well we're months not the of some revenue Aliante, averages. of you some part And properties X% in obvious as hearing growing in Nevada and Las market three look being the

see prior the when And I've at And effect, you portfolio calls. growth. you a look said this revenue of so lot in don't

of we've are in the more more spent better little capabilities where properties time some mature of process of are Some that marketing with seeing terms revenue a results growth. this in these

So revenue happy we're want margin to with, happy to achieve through make Just we always more? achieve where of more, generating, are growth a at. sure always EBITDA seeing. We striving continued maximizing a combination revenue improvement margins enhancements. where like we're very to we're we're it's with striving I We're the think that, balance and and

Harry Curtis

That's much Thank appreciated. you.

Keith Smith

Sure.

Operator

next your question with question. And Chad Beynon our Please comes Macquarie. from ahead go with

Chad Beynon

and a you quarter went afternoon. on different Hi, share-based cetera. items detail Josh, into of taking good for greater for questions. depreciation, XXXX a last including guidance, Thanks my et comp line couple

one the flow. free was important those I any think numbers most us of for changed? cash Have

Josh Hirsberg

you been that. otherwise that would of would or we I Not kind expect on No. have updating

looked everyone to really it we below line when some so of think And gave basically on expect CapEx I the those items of same updated I updating the have we guidance. only EBITDAR what nothing related or business line is the the items year-end to time. expenses otherwise the at same, expectations think our I timing models which So new and be changed. of that I'm the are all thing, the we the versus you where the and direction generally checked and at for our same, the would But

Chad Beynon

Okay, thanks.

confirm that. Just to wanted

from the Secondly, a increased to Downtown any raise in raise back lot tracking. just of Locals talk how sure and gone kind update late either those in XXXX. have your year and fees, rooms you've in fees resort the ability on into but to if Las Can about continue market. continued push I'm an customers of to if as your Thanks. not had, you that's you Vegas, we've hotel you

Keith Smith

speak Yes. we raised to I time, fees. last can't resort the

that in industry. again, numbers yes modest but more than aren't think when number, compared numbers customer once it the in a of once frankly don't on in what's to large. in on recall. terms it's of it's there these types because pushback, that us it's just For But going - I benefits are other see of again but had while, our we've haven't you are in much modest we parts the raised a I numbers any strip. And provided very issues don't Downtown the

Chad Beynon

Thanks, Keith. Appreciate it.

Operator

go Bank And have Kelley of ahead one America. Please that question. with your Shaun from we last and comes with question

Shaun Kelley

me for in. Hey. Good sinking Thanks guys. afternoon,

So quick just two ones.

if just with The I share ever done does one market some our fees between between that any just and visitors sticking downtown? different look in but have the both, do your and point work crossover as performance. any quantifiable curious, which movement share seen of first you have to any you I'm that you very would downtown you of price think things survey the I have mentioned, resort mean, or markets? those at ever any like two kind shifts you of change share – seen to guys just points high validate anything kind or strip, gain

Keith Smith

interest out a – some we'll �� have to or an say in walk strip, in looked at enhanced Yes, we've around, it’s what the question, downtown, but we between experience as have not in market shifts seen more because value of more from it's a true locally ability ease, performance really But certainly just going and how only – amenities, Shaun in seen we Downtown affinity and the kind is of to, different the think the share particular Strip. evident the the the and we've well the our good figure not just more a can in as I I regionally of downtown. segment know if Las Vegas proposition,

So all for those customer into certain attractiveness segment base. things of play the a the

Josh Hirsberg

the managers business. a is necessarily our it's Yes, numbers at watching and it's nothing are down work, time just particular time know out zipline but who one question. then continued business, survey spend we to some mall to be continue of from just to which people that There's look we hard that Those responsive shifting to and metrics grow, the whether as that do we downtown totally more see on or if spending and listening there would the downtown.

Keith Smith

kind cases three business. a different then – because the component business That of bit it's little we most a And the of segments months, in play. is makes of play much have many it's other our off higher really coming tracked downtown – where unrated of it is a also

Shaun Kelley

the governor the Got Illinois think it. a just I we papers, significantly. in what Is it is Thanks about local other know legislative saw you that. one one the trade then the or papers the that what mean on works update like for of And – VGT that of proposal to tax by proposal? might in raise rate Any and Lattner? for possibly still possibly

Keith Smith

Yes, the Illinois in the I impact last the on obviously operating and raise proposal to But the how paying I don't in have the the Chicago. washes there's income there's Yes, a tax corporate haven't that. couple have whole income There's that. lot a kind the – end change whole There's or you'll betting. session to the it VGTs of going been residents, in wait decades until of We're is thing state which all one you out. on of update specific a for sports land Chicago tax. attention area, for would ability see for

just process. long includes through to that gaming of had attention enough, paid casinos for new hasn't bill years other has legislative made you've If it and that things the omnibus lots they've it an

paying speak those we're in that all actively are issues. So engaged to we question I attention. can't directly, but

Shaun Kelley

Got much. very it. you Thank

Keith Smith

You’re welcome.

Operator

for turn will this closing remarks. conclude session. would I over question-and-answer And like Josh the our conference to to Hirsberg back any

Josh Hirsberg

to all the the everyone time the and Cole. in Thanks call. today. interest Thanks, for appreciate spending your joining We participate questions to

Thank to If reach have you. free questions, feel to other out the you any Company.

Operator

now is concluded. presentation. conference for attending you Thank The today's

now may You disconnect.

Boyd Gaming (BYD) 25 Apr 192019 Q1 Earnings call transcript